CCTV to broadcast project; Televisa will distribute

CCTV will produce and broadcast the project in China and Televisa will distribute it in its core markets -- mainly Mexico and Latin America.

It's not the first time the two firms have worked together. CCTV has aired several Televisa series -- most recently the telenovela "Distilling Love" -- and the Mexican company just picked up CCTV series "Bruce Lee." But this new project is much more ambitious and, if it works, could shake up the international production landscape.

CCTV and Televisa have significant clout in their home markets, which, taken together, have a potential audience base of more than 2 billion people.

Televisa and CCTV's international division, China International Television Corporation, signed a memorandum of understanding for the agreement at MIPTV Wednesday, toasting the deal with Chinese wine and Mexican tequila.